by Christopher Freeburn | February 11, 2014 10:26 am
On Monday, struggling bookseller Barnes & Noble (BKS) denied a media report that it had eliminated the hardware engineering team for its Nook tablet.
A Barnes & Noble spokesperson said that the company was still “committed” to Nook products. However, she conceded that some jobs had been cut as Barnes & Noble seeks to align “Nook’s cost structure with business realities,” the Associated Press noted.
Barnes & Noble said that it planned to lay off workers, but did not reveal an exact number of employees to be trimmed.
The Nook unit once appeared to be a bright spot in Barnes & Noble’s otherwise troubled business. However, the tablet has now fallen far behind Amazon’s (AMZN) Kindle and Apple’s (AAPL) iPad. During the holiday shopping season, sales of Nook products plummeted a whopping 61%.
Falling Nook sales prompted the ouster of Barnes & Noble CEO William Lynch last year.
Barnes & Noble stock slipped about 1% in Tuesday morning trading. Barnes & Noble stock has gained more than 10% over the past year. BKS stock closed at $16.06 a share on Monday.
Source URL: http://investorplace.com/2014/02/bks-clarifies-rumors-barnes-noble-nook-layoffs/
Short URL: http://invstplc.com/1dgc8Vn
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.